Questions and Answers: Torquay leasehold conveyancing
I only have 72 years unexpired on my flat in Torquay. I am keen to extend my lease but my landlord is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to demonstrate that you have done all that could be expected to track down the landlord. For most situations an enquiry agent should be useful to carry out a search and prepare an expert document to be used as evidence that the landlord can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s disappearance and the application to the County Court overseeing Torquay.
Planning to complete next month on a garden flat in Torquay. Conveyancing solicitors have said that they are sending me a report next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Torquay should include some of the following:
- Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, landlord
I am attracted to a couple of maisonettes in Torquay both have approximately forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
A lease is a right to use the property for a period of time. As a lease gets shorter the marketability of the lease deteriorate and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this arena
I work for a long established estate agent office in Torquay where we see a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Torquay conveyancing solicitors. Can you clarify whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Can you offer any advice when it comes to appointing a Torquay conveyancing firm to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Torquay conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Torquay conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions could be helpful:
- If the firm is not ALEP accredited then why not?
Torquay Leasehold Conveyancing - Examples of Questions you should consider before buying
Be sure to find out if there are any onerous prohibitions in the lease. By way of example it is very common in Torquay leases that pets are not allowed in in a block in Torquay. If you like the apartmentin Torquay but your dog is not allowed to make the move with you then you will be faced hard compromise.
Is there a share of the freehold?
In the main the outlay for major works are not included within maintenance charges, although there some managing agents in Torquay require leasehold owners to contribute towards a reserve fund created for the specific purpose of building a fund for larger works.